Ceylon chamber re-elects chairperson Krishan Balendra at AGM

Saturday June 27, 2026 12:03 pm ECONOMYNEXT – The Ceylon Chamber of Commerce has re-elected Chairperson Krishan Balendra and the Board for 2026/27 at its 187th Annual General Meeting. The 2026/27 office-bearers are Chairperson Krishan Balendra, – Chairperson John Keells Holdings…

Saturday June 27, 2026 12:03 pm

ECONOMYNEXT – The Ceylon Chamber of Commerce has re-elected Chairperson Krishan Balendra and the Board for 2026/27 at its 187th Annual General Meeting. The 2026/27 office-bearers are Chairperson Krishan Balendra, – Chairperson John Keells Holdings PLC, Vice Chairperson Bingumal Thewarathanthri – CEO, Standard Chartered Bank Sri Lanka, and Deputy Vice-Chairperson Vinod Hirdaramani – Chairman, Hirdaramani Group. Jayanthi Dharmasena – Managing Director, Hayleys Agriculture Holdings Ltd., Kasturi Chellaraja Wilson – Chief Operating Officer, Head of APAC – 5Hour International Corporation Singapore, Shibani Thambiayah – Managing Director, Renuka Hotels PLC, Supun Weerasinghe – Director/Group CEO – Dialog Axiata PLC, and Shiran Fernando – Secretary-General and CEO will serve as Board Members. Mr. Rohana Dissanayake – Group Chairman and Managing Director of David Pieris Motor Company Pvt. Ltd. will also join the Board, replacing Mr. Bernhard Stefan – Managing Director – Nestlé Lanka PLC, who relocated overseas. High Commissioner of Britain to Sri Lanka, Andrew Patrick, attended the event as Chief Guest. Balendra noted that over the past year, the Chamber adopted a more solutions-oriented approach to advocacy, focusing not only on identifying challenges but also on developing constructive recommendations in collaboration with government, industry stakeholders, and development partners, with this approach yielding stronger results. “Through our engagement in the Budget 2026 process, eighteen recommendations proposed by the Chamber were incorporated into the national budget, covering areas such as trade facilitation, investment promotion, digitalisation, infrastructure, and improving the ease of doing business. This builds upon the strong momentum established in previous years and demonstrates the value of evidence-based, constructive engagement. “The Chamber also contributed to addressing emerging global trade challenges, including tariff-related issues affecting Sri Lankan exports. By representing private sector perspectives in Presidential Committees, we supported efforts to safeguard export competitiveness and strengthen trade resilience.” Beyond advocacy, it significantly expanded its engagement footprint, strengthening bilateral partnerships across more than twenty countries, and supporting more than 1,800 SMEs through training, advisory services, and market access initiatives. He added that over the next year, the Ceylon Chamber is committed to deepening engagement with members, strengthening global partnerships, enhancing support for SMEs, and accelerating efforts to promote exports and attract investment, and is committed to working with the Government. (Colombo/Jun27/2026)

Saturday June 27, 2026 8:00 am

ECONOMYNEXT – INFRACON 2026, Sri Lanka’s exhibition dedicated to the infrastructure and construction sector, will bring together companies, industry professionals and decision-makers from across South Asia, organizers said. Organized by Lanka Exhibitions and Conference Services (LECS) in collaboration with SAVOR International Limited of Bangladesh, the exhibition aims to foster regional cooperation and create opportunities for trade, investment and technological advancement within the infrastructure and construction industries. The exhibition is endorsed by the Sri Lankan Chapter of ASHRAE (The American Society of Heating, Refrigerating and Air-Conditioning Engineers) and the Solar Industries Association (SIA). Formerly known as the Construction, Power & Energy Expo, the event has been rebranded as INFRACON 2026 to reflect its expanded scope and growing regional significance. ” It will be held from July 3-5 at the Bandaranaike Memorial International Conference Hall (BMICH), Colombo. INFRACON 2026 will showcase exhibitors and suppliers across five key sectors – HVAC-R & Cold Chain, Power & Energy, Green Energy, Safe Water Management, and Building Materials – offering visitors an opportunity to explore the latest technologies, products, and solutions shaping the future of the industry. The exhibition is expected to attract developers, contractors, engineers, architects, consultants, policymakers, technology providers, investors and buyers from both Sri Lanka and overseas. International participation from China, India, Pakistan and Bangladesh is expected, making INFRACON 2026 one of the region’s most important industry gatherings. Designed as a business-focused platform, the exhibition will facilitate direct interaction between exhibitors and key industry stakeholders. In addition to the physical exhibition, a dedicated online platform will enable virtual networking and collaboration opportunities for exhibitors, international visitors and trade buyers. INFRACON 2026 will host a high-level panel discussion titled “Growth Through Infrastructure”, organized by the Research Intelligence Unit (RIU). According to the organizers, INFRACON 2026 will further strengthen Sri Lanka’s position as a regional business and MICE destination while contributing to the development and modernization of the country’s infrastructure and construction sectors. Register online at: https://expo.idzlink.com/infracon2026/form/register For stall bookings and further information, interested parties may contact Thevin on +94 76 593 9777 or +94 11 239 0560-2, Dasun on +94 77 980 6580, or email infracon@saexhibitions.com. (Colombo/Jun27/2026)

Friday June 26, 2026 8:26 pm

ECONOMYNEXT – Despite a reduction in global oil prices, Sri Lanka will not be able to reduce fuel prices due to term tenders, Deputy Finance Minister Anil Jayantha said. “If we can stop the term tenders and go for spot tenders, then of course, the price would come down. But it is not possible. They are in respecting the procurement processes,” the Deputy Minister told reporters at a media briefing on Friday. “Because with the term tender, some of the stocks that will come in a couple of months’ time are based on the last month’s the prices and not the current prices.” Sri Lanka has raised the fuel prices around 50 percent since the Middle Eastern escalation started on February 28. Term tenders or long-term contracts function as strategic, long-term legal partnerships aimed at securing supply certainty over a prolonged horizon, typically spanning six months, a year, or even multiple years. In a term tender, the buyer secures a guaranteed volume commitment from a supplier to ensure consistent, scheduled deliveries over the contract period. The pricing is rarely fixed; instead, it is bound to a dynamic mathematical formula tied to international energy benchmarks (such as S&P Global Platts) plus an agreed-upon fixed premium or differential. This model protects the buyer from structural fuel shortages, streamlines port logistics, and ensures the country’s grid or factories never run out of base inventory, though it risks locking the buyer into rigid obligations if market demand crashes. Spot tenders, on the other hand, operate on a transactional, “buy now, deliver immediately” basis designed to fulfill urgent, non-recurring, or immediate shipment needs, typically within days or weeks. Rather than building an ongoing relationship, a spot tender is an open auction where the buyer seeks the lowest immediate bidder to cover a temporary gap or exploit a sudden dip in international prices. While oil prices have cooled significantly from more than US$ 130 highs due to positive negotiation headlines, top investment banks and the Energy Information Administration (EIA) warn that true price stabilization will depend entirely on physical proof, whether oil tankers actually resume safe, unhindered passage and global inventories begin to rebuild over the next quarter. (Colombo/June 26)

Friday June 26, 2026 5:36 pm

ECONOMYNEXT – Sri Lanka’s rupee closed at 336.30/70 to the US dollar in the spot market on Friday, from 337.25/35 the previous day, while bond yields were broadly steady, dealers said. The telegraphic transfer rate for Sri Lanka’s rupee against the US dollar was 332.65 buying, 341.65 selling; the euro was 375.2886 selling, 389.2056 buying; and the pound was 437.6083 buying, 451.6539 selling. A bond maturing on 15.09.2027 closed at 10.35/50 percent, down from 10.40/50 percent. A bond maturing on 15.03.2028 closed at 10.55/65 percent, up from 10.50/65 percent. A bond maturing on 15.12.2029 closed at 10.95/11.05 percent, up from 10.90/11.00 percent. A bond maturing on 01.08.2030 closed at 11.25/35 percent, up from 11.20/25 percent. A bond maturing on 15.01.2033 closed at 11.60/70 percent, up from 11.58/63 percent. A bond maturing on 15.03.2035 closed at 11.75/95 percent, down from 11.80/95 percent. (Colombo/Jun26/2026)

Zydus Lifesciences MD Dr Sharvil P Patel and Sunshine Holdings Founder Chairman G Sathasivam laying the foundation

Friday June 26, 2026 5:06 pm

ECONOMYNEXT – Sunshine Healthcare and Zydus Lifesciences will build a pharmaceutical manufacturing facility in Sri Lanka at a cost of over 20 million US dollars through a joint venture company – Zydus Sunshine Lifesciences Pvt Ltd. The foundation stone for the factory, which will be developed on nearly four acres of land at the Board of Investment zone in Horana, was laid on Friday. The plant will focus on manufacturing pharmaceutical products for Sri Lanka’s retail market, improving access to high-quality medicines while supporting national supply chain resilience, the companies said in a joint statement. “Strong local capabilities are key to resilient healthcare ecosystems. By combining Zydus’ global experience and manufacturing excellence with Sunshine Holdings’ local expertise, this collaboration marks an important step in strengthening Sri Lanka’s healthcare ecosystem and building sustainable pharmaceutical capabilities for the future,” Sharvil P Patel, Managing Director, Zydus Lifesciences said. The joint venture combines Zydus’ global expertise in pharmaceutical manufacturing with Sunshine’s local market presence and healthcare distribution capabilities. “Together with Zydus, we aim to enhance local pharmaceutical manufacturing, create skilled employment, and improve access to essential medicines for Sri Lankan consumers,” Shyam Sathasivam, Group CEO Sunshine Holdings, said. The partnership will support technology transfer, build local manufacturing capability, and create employment, contributing to the long-term development of Sri Lanka’s healthcare ecosystem, according to the statement. Leadership teams of Zydus Lifesciences Ltd and Sunshine Holdings PLC at the official foundation stone laying ceremony Zydus Lifesciences brings capabilities across formulations, APIs, medical technology, diagnostics, animal healthcare and consumer wellness. It’s global healthcare expertise and manufacturing will play a key role in establishing and scaling the facility. The project will operate under the oversight of the Board of Investment, with the Ministry of Health and the National Medicines Regulatory Authority as key stakeholders. All products will comply with NMRA regulations and applicable pricing frameworks. (Colombo/Jun26/2026)

Friday June 26, 2026 4:43 pm

ECONOMYNEXT – Sri Lanka has sold 60 billion rupees in 2030 and 2035 bonds, data from the public debt management office showed. All offered 45 billion rupees of 15 October 2030 (LKB00730J158) bonds were sold at an average yield of 11.44 percent. All offered 15 billion rupees of 15 March 2035 (LKB02035C155) bonds were sold at an average yield of 11.88 percent. Both bonds are available on tap. (Colombo/Jun26/2026)

Friday June 26, 2026 4:29 pm

ECONOMYNEXT – Sri Lanka’s Colombo Stock Exchange indices closed flat on Friday, CSE data showed, with the benchmark All Share Price Index moving up a marginal 0.01 percent. The ASPI was up 2.77 points at 22,409.81, while the more liquid S&P SL20 was up 0.17 percent, or 10.39 points, at 6,253.14. Positive contributors to the ASPI were DFCC Bank (up 2.47 percent at 135.00 rupees), Melstacorp (up 0.80 percent at 189.50 rupees), Central Finance Company (up 1.74 percent at 234.00 rupees), Richard Pieris and Company (up 3.01 percent at 30.80 rupees), and Dialog Axiata (up 0.64 percent at 47.30 rupees). John Keells Holdings (down 0.49 percent at 20.40 rupees), Access Engineering (down 1.78 percent at 77.20 rupees), Haycarb (down 2.27 percent at 161.50 rupees), and Aitken Spence (down 0.79 percent at 156.25 rupees) were top negative contributors. Market turnover was 1.91 billion rupees. Capital goods led turnover with 615.8 million rupees. Nations Trust Bank announced the allotment of its Basel III compliant, Tier 2, unsecured, subordinated, redeemable 5-year, 7-year, and 10-year debenture issue, which features a non-viability conversion option. Out of the 150 million debentures issued to raise up to 15 billion rupees, 112.5 million debentures were allotted on a preferential basis, while other applicants received a full allotment up to 150,000 debentures and a 32.6 percent allotment on the remaining balance. Shares of Nations Trust Bank closed at Rs.318.00, down 0.08 percent. (Colombo/June26/2026)